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  • TECHNOLOGY and financial stocks were behind the broad rally on Wall Street this week as better than expected earnings reports filtered into the market. A small number of blue chip names led by financial services stocks, including Morgan Stanley Dean Witter, prompted the Dow to come close to the dizzy heights of 10,000 that it reached two weeks ago.
  • TELECOM Argentina became the first major Latin corporate to tap the euro denominated bond market when it launched a Eu150m five year offering this week. The deal, led by JP Morgan, came at 500bp over Bunds, considerably tighter than the 627bp over level that the Republic of Argentina offered on its five year euro issue launched in early February.
  • THE FATE of the Republic of Hungary's $750m seven year global bond via ABN Amro and Salomon Smith Barney hangs in the balance ahead of its planned pricing today (Friday). Nato air strikes this week against Serbia, with which Hungary shares a border, caused spread volatility in all central and eastern European issues.
  • MEXICO BROKE the drought of plain vanilla Latin global issues this week by launching a $1bn six year deal, the first dollar-denominated bullet bond since Brazil's devaluation. Morgan Stanley Dean Witter beat Chase, Lehman and Salomon Smith Barney in a fierce bidding contest to bring the United Mexican States back to the international markets with a deal at the shorter end of its yield curve.
  • Arranger of the £476m Coryton independent power project (IPP), Credit Suisse First Boston has closed general syndication well oversubscribed. The deal is the first of a new batch of UK IPPs (independent power projects) to close financing and appears to confirm the market's support for these assets -- despite concerns over pool power price trends under reforms initiated by Offer, the independent electricity watchdog.
  • ABN Amro Bank NV Amount: $1.25bn global trust preferred security
  • FBA Icelandic Investment Bank Rating: A3
  • THE REPUBLIC of Panama took the markets by surprise this week when it launched a successful $500m 30 put seven year bond issue just weeks after it failed to get a 20 year bond deal off the ground. The transaction -- mandated to JP Morgan and Salomon Smith Barney rather than BankBoston, the original underwriter of the proposed 20 year deal -- was priced almost on top of its Panama's 2008 bonds at 405bp over Treasuries. It was also increased from its initial size of $300m.
  • THE EBRD and four commercial banks -- American Express, Bankgesellschaft Berlin, Hamburgische Landesbank and Landesbank Schleswig-Holstein -- have joined forces to bring a Eu55m facility for Vilniaus Bankas to the market. The EBRD and Bankgesellschaft Berlin are joint bookrunners. The fully underwritten deal has two tranches. The Eu20m 'A' tranche, lent by the EBRD alone, is a five year bullet facility priced at 225bp over Libor.
  • VIVENDI, the acquisitive French water and media group, this week accelerated its growth strategy with the planned purchase of US Filter, the water treatment equipment company, for $6.2bn. The news sparked speculation that the company would fund its purchase through the sale of straight equity, a convertible bond or a combination of both.
  • France Speculation grew this week that Pinault-Printemps plans to tap the loan market for a facility to part finance its bid for Gucci.